It currently includes Mortgage Force, Mortgage Next, Mortgage Promotions, Pink Home Loans and The Business Mortgage Company (TBMC). Freedom will be included on M2-mortgage club direct submission panel as well as M2-d&p’s packaging panel.
Colin Snowdon, Managing Director of Freedom Finance’s mortgage lending operation, said: “I’m delighted to be adding yet another big hitting brand to our distribution panel. Mortgage 2000 is one of the industry leaders and it’s great to be working with them and their network of brokers.”
Sean Hornsby, Managing Director at Mortgage 2000 said: “Freedom’s approach to assessing affordability is precisely what brokers want in a regulated market. We’ve worked with Colin Snowdon when he ran TMB and Verso and I have no doubt Freedom will provide our members with a high quality service.”
Freedom’s product range, which includes full status, self-cert, buy-to-let, let-to-buy and non-conforming mortgages, is popular with brokers because of its many innovative features, including the way in which it assesses affordability. Freedom has scrapped traditional restrictive income multiples in favour of a more sensible affordability calculation, which enables the lender to adopt a more realistic and yet prudent approach to underwriting.
Other key features include individual underwriting of all cases (no credit scoring), interest rates which track Bank of England base rate (not LIBOR which most borrowers do not understand), self-cert available up to 90% LTV and no MIG on prime products.
